Business Analytics Quiz

What does Business Analytics involve?

• Developing software

• The systematic analysis of data to drive business decisions

• Hiring data scientists

• Collecting physical assets

Which of the following is the correct sequence of steps in the Analytics process?

• Data Processing -> Data Collection -> Data Analysis -> Data Interpretation

• Data Collection -> Data Analysis -> Data Processing -> Data Interpretation

• Data Collection -> Data Processing -> Data Analysis -> Data Interpretation

• Data Interpretation -> Data Collection -> Data Processing -> Data Analysis

What is the primary focus of Descriptive Analytics?

• Predicting future trends

• Interpreting past data to identify trends

• Making recommendations for future actions

• Collecting raw data

Which type of data analytics is most concerned with predicting future outcomes?

• Descriptive Analytics

• Diagnostic Analytics

• Predictive Analytics

• Prescriptive Analytics

How does Business Analytics contribute to improved operational efficiency?

• By reducing the workforce

• By making data-driven decisions that optimize processes

• By increasing the amount of data stored

• By automating customer service

What is the role of Prescriptive Analytics?

• To provide insights based on past data

• To prescribe actions based on predictive models

• To collect data from various sources

• To analyze historical data only

Which application of Business Analytics is focused on enhancing patient outcomes?

• Retail

• Healthcare

• Finance

• Manufacturing

In which sector is Business Analytics used for fraud detection?

• Healthcare

• Retail

• Finance

• Education

What is the importance of Data Interpretation in the Business Analytics process?

• To convert raw data into information

• To gather raw data

• To draw conclusions from analyzed data for decision-making

• To store data securely

Which type of analytics helps in identifying the root cause of a problem?

• Descriptive Analytics

• Diagnostic Analytics

• Predictive Analytics

• Prescriptive Analytics